Resolution 1983-02 - Laserfiche WebLink

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sale of the Bond s , not to exceed an aggreg ate principal amount of $1,000,000. ( d ) The City considers that financing of the Project and entering into the Loan Agreement with the User with respect to the Project will promote industry and develop trade and other economic activity within the City, which constitutes a public purpose as described in S29-3-l02{l) , C.R.S. 1973. 2. Undertakings by the City. The City agrees as follows: ( a) The City will Issue the Bonds pursuant to the terms of the Act in one or more series in a total aggregate principal amount not tp exceed $1,000,000, pursuant to a plan of financing to complete the Project, the funding of any necessary reserves, and the expenses incident to the authorization, sale, and issuance of the Bond s . ( b ) T .~e City will adopt such proceedings and authorize: ( i ) the execution and delivery of such documents as may be reasonably necessary or advisable for the authorization, issuance, and sale of the Bond s , ( i i) the financing, acquisition, construction, improve- ment and equipment of the Project, and (iii) the execu- tion of the Loan Agreement with the User and such other documents relating to the Bonds as shall be authorized by the Act or other law and as shall be mutually satis- factory to the City and the User. ( c) The aggregate sums to be paid by the User under the Loan Agreement shall be sufficient to pay the principal of, redemption premiums, if any, and interest on the Bonds as and when the same shall become due. (d) The City will take such other acts and ad op t such further proceedings as may be reasonably required to implement the aforesaid undertakings and as it may deem appropriate in pursuance thereof. ( e ) The Bonds shall provide that they shall be payable solely from and secured by a pledge of the revenues derived from and payable pursuant to the provisions of the Loan Agreement, that they shall never constitute the general obligations of the City within the meaning of any provision or limitation of the constitution or statutes of the State, and that they shall not constitute or give rise to a pecuniary liability or a charge against the general credit or taxing powers of the City, the State of Colorado or any political subdivision thereof. - 14 - .